Avalanche is a smart contract blockchain platform, similar to Ethereum. It has increased over 3000% over the last year to become the 9th biggest cryptocurrency with a market capitalization of $25,682,330,248. The value of Avalanche has increased most among the top 10 largest digital currencies at 19%. Solana comes at a distant second at 0.45% growth.
The Avalanche was launched in 2020 and is among the leading cryptos in finality and the number of validators. Despite the fact that the Avalanche price has increased so rapidly in recent months, the latest Avalanche price projections now actually expect a small decrease in price in the upcoming months.
AVAX supports smart contracts, Decentralized apps, and custom blockchains (Subnets). Subnets are private or public blockchains that are offshoots of the main Avalanche platform. They are secure, reliable, and powerful custom blockchains that developers have complete control over. Subnets are likely to be the main use case of Avalanche.
Avalanche is deflationary. This means gas fees are sent to an inaccessible wallet to promote scarcity of the native coin, AVAX. The blockchain network has removed about 375 000 coins worth about $35 million from circulation.
How Avalanche is Competing with Ethereum
Avalanche is on a faster growth trajectory compared to Ethereum. While Avalanches has grown over 30 times in the past year, Ethereum growth is ten times over a similar period. Avalanche value proliferated after a partnership with Deloitte consultancy firm to enhance the accuracy, speed, and security of…